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A 1982 Jean-Michel Basquiat painting of a skull sold at auction Thursday night in New York for more than $110 million, the highest price ever paid at auction for a work by an American artist or an artwork created after 1980.
Yusaku Maezawa of Japan, an e-commerce entrepreneur and art collector, bought the Basquiat for $110,487,500 in 10 minutes of bidding, according to Sotheby's auction house.
The large, untitled painting — done in acrylic, spray paint and oil stick on canvas, it is 72½ inches by 68½ inches — hadn't been shown in public since 1984, when a private collector purchased it at auction for $19,000.
Maezawa, 41, intends to make it a centerpiece of a museum in his hometown, Chiba, Japan, but until then he intends to loan it to institutions and exhibitions worldwide, he told Sotheby's.
"When I saw this painting, I was struck with so much excitement and gratitude for my love of art," he said. "I want to share that experience with as many people as possible around the world — regardless of age or background or whether they are a collector or not."
A week ago, a 1982 Basquiat self-portrait that had been featured in a number of major retrospectives sold for $57.3 million at a Christie's auction in New York. It had been expected to go for about $40 million.
The presale estimate for the skull painting was $60 million.
Basquiat died of a drug overdose in 1988 at age 27.